Bangkok: SCB X Public Company Limited (SCBX) has reported a consolidated net profit of Baht 10,941 million for the third quarter of 2024, a 13.2% yoy increase. For the first nine months of the year, the net profit was Baht 32,236 million, a 0.9% yoy decrease. 

For the quarter, net interest income increased by 3.5% yoy to Baht 32,635 million, resulting from an expansion in the net interest margin (NIM). Overall loans dropped slightly by 0.9% yoy as a result of prudent new loan underwriting amid a challenging business environment. Fee and other income declined by 7.5% yoy to Baht 9,985 million, mainly due to a decrease in bancassurance fees and lending-related fees. 

Operating expenses decreased by 4.8% yoy to Baht 17,606 million. The cost-to-income ratio, excluding the impact from the Robinhood transaction, was at 40.9%.

The provisions of this quarter decreased by 10.4% yoy as there were no additional provisions set aside for geopolitical risks in this quarter compared to the same period last year. The non-performing loan (NPL) coverage ratio remained high at 163.9%.

The overall asset quality is well under control. The NPL ratio was 3.4% at the end of September 2024, slightly higher than the 3.3% recorded at the end of September 2023. The capital adequacy ratio remained strong at 19.0%.